Class 4 - Corporate Services and Class 5 - Trust Services
Trust and Corporate Service Providers (“TCSPs”)
A licence to carry on the Class 4 regulated activity of Corporate Services permits a business operating in or from the Isle of Man (within certain criteria and with specified exclusions) to:
- provide services with respect to the formation, sale, transfer or disposal of companies;
- provide registered offices or accommodation address facilities for a company;
- act as a “registered agent”;
- act as an officer of a company;
- act as a nominee shareholder/ member of a company;
- provide administration services to a company; or
- provide similar services to the above in respect of a partnership.
A licence to carry on the Class 5 regulated activity of Trust Services permits a business operating in or from the Isle of Man (within certain criteria and with specified exclusions) to:
- act as trustee in relation to an express trust;
- provide trust administration services in relation to an express trust;
- act as a trust corporation;
- act as a protector in relation to an express trust; or
- act as an enforcer in relation to a purpose trust.
Full details of regulated activities, exclusions and exemptions from licensing may be found here. This covers when a licence may be needed and how to apply, with links to all relevant documents. A licenceholder is obliged to comply with any licence conditions that have been imposed by the Authority.
The TCSP handbook also contains links to other legislation relating to licenceholders, including the Financial Services Rule Book which contains the rules to be complied with by all licenceholders. Guidance on rules and on other regulatory matters may also be found in the handbook.
The Authority’s Licensing Policy for Regulated Activities under the Financial Services Act 2008 (“licensing policy”) provides guidance for licenceholders. A licenceholder and its key staff are required to be fit and proper persons. The Authority’s licensing policy is to apply a test of fitness and propriety in the key areas of integrity, competence and financial standing.
Licenceholders should also note the requirements of Anti Money Laundering / Countering the Financing of Terrorism legislation and guidance in the AML/CFT Handbook.
Professional officers are individuals who are licensed by the Isle of Man Financial Services Authority (“the Authority”) to carry on limited activities under Class 4 and/or Class 5. Further information can be found in the Professional officers section of the Handbook.